India’s share in world GDP doubled- PHD Chamber
India’s share in world GDP doubled/increased from 1.43% in 2000 to 2.86% in 2015. In the post crisis period, the performance of Indian economy is not bad as the economy is still progressing in the world economic system, said Dr. Mahesh Gupta, President, PHD Chamber in a press statement issued .
India’s GDP stood at USD 477 billion in 2000 and increased to USD 2091 billion in the year 2015 showing more than fourfold increase over a period of 15 years, he said.
The five BRICS countries account for about 42% of the world’s population, a quarter of the world’s land area and a combined GDP of above US $ 16 trillion. The BRICS economies also contributed a significant share in the world GDP which increased from 8.27% in 2000 to 22.53% in 2015, he said.
BRICS GDP share in world GDP (in percentage)
Source: PHD Research Bureau, Compiled from WEO April, 2016
Besides this, the volume of GDP of all the BRICS economies has increased significantly since 2000 and particularly post 2008 crisis. India, on the other hand, has performed phenomenally well if observed from the trend in its volume of GDP, said Dr. Mahesh Gupta.
Going ahead, growth in India is projected to notch up to 8 percent in 2016–17. Growth will continue to be driven by private consumption, which has benefited from lower energy prices and higher real incomes. Further, with the revival of sentiment and pickup in industrial activity, a recovery of private investment is expected to further strengthen growth in the coming times, added Dr. Gupta.